SBI Will Block Your Bank Account If KYC Not Updated: This Is How You Can Update Your SBI KYC Easily!
Did You Know? SBI; India’s largest lender is making KYC compulsory for all bank accounts otherwise the accounts will be freezed!
The State Bank of India has issued an important public notice asking the customers to complete their KYC to avoid future inconveniences in the banking procedures.
Additionally, SBI has also stated that the customers who don’t do KYC (Know Your Customer) or submit their documents before 28.02.2020 will have their bank accounts with SBI freezed.
The bank has also sent a message alert to the customers whose KYC is due.
Why did SBI take such a drastic measure?
In terms of the provisions of Prevention of Money-Laundering Act, 2002 and the Prevention of Money-Laundering (Maintenance of Records) Rules, 2005, as amended from time to time by the Government of India as notified by the Government of India, Regulated Entities (REs) are required to follow certain customer identification procedures while undertaking a transaction either by establishing an account-based relationship or otherwise and monitor their transactions, as stated on the Reserve Bank of India (RBI) website.
According to the guidelines issued by the RBI, thus the bank has to update their KYC after a certain amount of time and the notice is to tell the customers that their KYC is due.
According to the RBI norms, if the KYC is not updated, the offending banks may receive a huge penalty.
Fear Not! Doing KYC is not as difficult as it sounds.
RBI has revised its KYC guidelines and made National Population Register (NPR) letters a valid document.
Go to your nearest SBI branch if you have received SBI’s notice and provide a copy of any one of the following address proof and identity proof documents (either permanent or current) for the KYC procedure.
KYC for Individuals
- Voter’s Identity Card
- Driving Licence
- Aadhar Card/Letter
- NREGA card
- PAN card
- Letter of NPR
- Recent photographs
- Mobile Phones
Just like individual customers, all commercial banks, non-banking financial companies, cooperative banks and similar companies need to complete their KYC process.